US Building Permits Revised Higher
In April 2025, U.S. building permits experienced a 4% decline, reaching a seasonally adjusted annual rate of 1.422 million, a figure that has been adjusted upward from the initial estimate of 1.412 million. Despite this revision, the permit level remains at its lowest in eleven months and represents the most significant drop since March 2024. Contributing factors include elevated mortgage rates and tariffs on imported materials, both of which have continued to suppress demand. Single-family permits saw a 5% decrease, falling to 923,000, marking the lowest point in almost two years. Meanwhile, permits for buildings with five or more units decreased by 2.9%, resulting in an annualized rate of 438,000. Regionally, the Midwest saw a 7.2% decline to 194,000 permits, and the South experienced an 8.6% drop to 762,000. Conversely, permits rose in the Northeast by 14.3% to reach 136,000, and increased in the West by 3.4% to total 330,000.
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